With talks quickly breaking down, activist shareholder Carl Icahn is offering up his own board to oppose the current Lionsgate board members, reports VARIETY.
With talks quickly breaking down, activist shareholder Carl Icahn is offering up his own board to oppose the current Lionsgate board members, reports VARIETY. The billionaire's battle against Lionsgate execs is over what he calls their excessive spending, which includes the board's approval of $16 million fund for five exec severances.
Icahn holds 18.8% of the shares in the company and has been pushing for more control. He said if he wins the proxy battle he would keep the company based in Canada.
Currently Lionsgate hasn't announced the date of its next annual meeting where new board members would be voted on.
He has also extended his $7-per-share hostile takeover bid to June 16 and abandoned his desire for 50.1% of the shares.
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